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Moly Mines Finalises Remaining Subscription Agreements

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2007) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Moly Mines Limited, (TSX:MOL)(ASX:MOL) is pleased to confirm it is finalising the remaining 4.9 million share allocation announced on November 14, as part of a total equity financing for 22 million shares at A$4.00 per share ("Placement").

The remaining 4.9 million shares have been allocated to clients of BBY Limited ("BBY") and Paradigm Capital Inc. BBY acted as Lead Manager to the Placement.

The Placement funds of A$88 million will be directed toward pre-construction activities including early commitments to secure scheduled deliveries of major earthworks, mining and civil contracts, significant items of processing plant such as secondary crushers and infrastructure agreements for gas supply and power generation, water delivery and construction camps.

This equity financing represents the first step in the Company's total project financing plan for the A$1.1 billion Spinifex Ridge.

At the Company's Annual General Meeting scheduled for November 27, shareholders will be asked to approve a 15 million share placement facility. It was the Company's intention to issue the Placement shares through this placement facility and under the Company's 15% capacity available pursuant to ASX Listing Rule 7.1.

However, the terms of the placement facility may not allow the issue of shares contemplated by the Placement and further the Toronto Stock Exchange requires specific approval for the Placement transactions. Accordingly a separate General Meeting will be held to approve the Placement allotments.

If the approval expected to be obtained at the AGM does not permit the issuance of the Placement shares in accordance with its terms, the approval requested at the General Meeting will be in accordance with ASX Listing Rule 7.1.

These press materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the company and management, as well as financial statements.